The plasma expander market is used to increase intravenous fluid in patients or donors. It finds wide application in blood plasma replacement during surgery, trauma care, burns, and other conditions that cause significant blood loss. Plasma expanders improve the circulatory system’s flow properties and expand blood volume by remaining within the blood vessels after infusion. The global plasma expander market is estimated to be valued at US$ 32.58 Mn in 2024 and is expected to exhibit a CAGR of 8.0% over the forecast period 2024 to 2030.
Key Takeaways
Key players operating in the Global Plasma Expander Market Share are Asahi Kasei Pharma Corporation, Weldon Biotech Inc., Abbexa Ltd., Laboratory Corporation of America, Biocompare, EFK Diagnostics, Elabscience Biotechnology Inc., Abbot, Diazyme Laboratories Inc., Abnova Corporation, BSBE, Maccura Biotechnology Co.,Ltd., LifeSpan BioSciences Inc., Biomatik, Geno Technology Inc., AMS Biotechnology (Europe) Limited, Epinex Diagnostics Inc., and DxGen Corp.
The key opportunities in the market include rising investments for expanding production capacity and facilities by major players. Plasma expanders are increasingly being used in emergency trauma and burn care centers. Technological advancements include the development of synthetic plasma expanders with fewer side effects and longer shelf lives.
Market drivers
The increasing prevalence of road accidents, trauma injuries, burns, and bleeding disorders drives the demand for plasma volume replacement therapies. According to the World Health Organization, road accidents account for nearly 1.3 million annual deaths globally. Plasma expanders help supplement lost blood volume and prevent hypovolemic shock. Furthermore, the growing geriatric population that is more prone to surgical procedures and chronic diseases will augment the plasma expander market over the forecast period.
Current Challenges in Plasma Expander Market
The plasma expander market is facing several challenges currently which is hindering its growth potential. One of the major challenges is lack of awareness among physicians and patients regarding the benefits of plasma expanders. This leads to underutilization of these products. Stringent regulations associated with the approval of new plasma expanders is another challenge restricting the entry of new players in this market. High costs associated with R&D and clinical trials of new plasma expanders puts financial pressure on companies. Short product shelf life and stability issues associated with some plasma expanders is a concerning factor.
SWOT ANALYSIS
Strength: Wide range of products for indications like hypovolemia, hypotension, blood loss etc. Established distribution channels of major players.
Weakness: Stringent regulatory environment. Higher R&D and manufacturing costs.
Opportunity: Emerging economies with large patient pools present lucrative growth opportunities. New product development through ongoing research can expand applications.
Threats: Threat from substitutes like intravenous fluids, blood transfusions, albumin etc. Price controls and reimbursement policies in some regions.
In terms of value, North America is currently the largest market for plasma expanders owing to growing prevalence of hypovolemia, advanced healthcare infrastructure and availability of reimbursement. Asia Pacific is expected to witness fastest growth during the forecast period driven by factors like rising healthcare spending, growing medical tourism industry and increasing focus of global manufacturers.
Europe holds significant share in the global plasma expander market led by countries like Germany, United Kingdom and France. Favorable reimbursement policies and presence of major product manufacturers support the market growth. Middle East and Africa present untapped opportunities for plasma expander suppliers due to rising healthcare needs of large patient population and improving accessibility in these regions.
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1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it